But hasn’t that always been the case everywhere? Permian Basin Royalty News . DALLAS, Nov. 19, 2020 /PRNewswire/ -- Simmons Bank, as Trustee of the Permian Basin Royalty Trust (NYSE: PBT) ("Permian") today declared a cash distribution to the holders of its units of beneficial interest of $0.013566 per unit, payable on December 14, 2020, to unit holders of record on November 30, 2020.. Conventional plays are different – it didn’t matter who drilled the East Texas field first, whether it was Dad Joiner or Humble Oil, because conventional plays treated everyone the same. Just a few thoughts… by PB Elite | Sep 24, 2018 | 0 Comments. Date of Report (Date of … But as I also noted, that does not mean that, as some in the energy-related media are claiming, that the most active drilling basin in the world is "dying," "on its last legs," or even "peaking.". More:BLM: Oil and gas land sale moves forward in New Mexico amid calls to ban federal leasing. According to an analyst, The Gray Oak Pipeline could help alleviate a crude oil transportation bottleneck in the Permian Basin … Skill actually matters. Permian Basin Information, Railroad Commission of Texas. And right now, we are doing a land-office business in land in West Texas and Southeast New Mexico that, when you superficially look at it, nobody would expect...they would look at a map and say all the big blocks are already put together. Gilmer pointed out that one reason why so many analysts acquire false beliefs about the relative health of the Permian play is due to a tendency to take poor results achieved by one operator and assume they apply to all producers across the Basin. More: Joe Biden's election as President sparks concerns for New Mexico's oil and gas industry More. Chevron Permian Basin News. India’s Minister of Petroleum and Natural Gas Shri Dharmendra Pradhan said demand for fuel in his country had returned to pre-pandemic levels. Society Information. Continue Reading. David has enjoyed a 39-year career in the oil and gas industry, the last 23 years of which were spent in the public policy arena, managing regulatory and legislative issues for various companies, including Burlington Resources, Shell, El Paso Corporation, FTI Consulting and LINN Energy. “We understand our duty to the world and are committed to strengthen global energy security as reliable suppliers of this important energy source.”, More:New Mexico oil and gas operators report millions of gallons of water use. EY & Citi On The Importance Of Resilience And Innovation, Impact 50: Investors Seeking Profit — And Pushing For Change, Michigan Economic Development Corporation With Forbes Insights. Short-Term Energy Outlook Supplement, Energy Information Administration. US shale oil output to drop 68,000 bpd to 7.64 million bpd in October: EIA. Austin oil company Parsley Energy is about to mark 10 years of drilling the Spraberry formation of West Texas. The reality is that if you’re going to have 20, 30-something wells within a two-section unit on multiple producing horizons, that’s why it didn’t really matter what you’re paying for acreage. Do these fundamental misconceptions about the nature of shale plays help explain why operators are finding their access to capital markets increasingly restricted? "What the industry needs is for a few of these operators to get to a place where they are generating substantial free cash flow and prove the critics wrong. The basin contains the Mid-Continent Oil Field province. So, bottom line, the Permian Basin is not "dying," "on its last legs," or "peaking." HIGH SCHOOL SPORTS: Permian Basin Scoreboard for Nov. 21 OA sports oasports@oaoa.com 432-333-7703 Odessa American Posted on Nov 21, 2020 by OA sports Go to several different tryouts and weigh your options before choosing a club. News; Current Teams; Safe Sport; League Schedules. ABOUT US. August 8, 2020. The Permian Basin is around 250 miles wide and 300 miles long, across West Texas and southeastern New Mexico. Past Presidents. Engineering skill, testing, what have you. in accounting in 1979. Adrian Hedden . Texas continued to lead the country in natural gas production averaging about 27 billion cubic feet per day as of September, per the most recent data from the Energy Information Administration (EIA) released on Nov. 30. DALLAS, Nov. 19, 2020 /PRNewswire/ -- Simmons Bank, as Trustee of the Permian Basin … Most of it is economic at $40/bbl  - you just need to be able to go out there and do it the right way.". The geology of the Permian Basin is unique because it contains multiple “stacked plays.” These enable a single well to produce oil and natural gas from several layers of rock in different geological zones. The Permian Basin is one of the oldest and most widely recognized oil and gas … New Mexico climbed to 59 active rigs as of Dec. 4, growing from November’s average of 54, per data from Baker Hughes, but was still at barely half of its average of 103 rigs in December 2019. Date of Report (Date of … News & Events. The all time high for this statistics is 11. “However, with the arrival of the COVID-19 pandemic, ensuing collapse of the domestic and global energy commodity prices, reduced consumption and the addition of alternative transportation solutions out of the Permian Basin, PGAP has re-evaluated the Project’s need and has determined that current market conditions do not support the economic thresholds to pursue the Project further at this time.”, More:U.S. Sen. Tom Udall continues push for oil and gas leasing reform. October 22, 2020 TxDOT Launches Game to Combat Distracted Driving. Reuters. The Permian Basin is not uniform, with deeper zones of sedimentary rock forming the Midland and Delaware Basins and the shallower Central Basin Platform forming a bridge between whose prehistoric reefs were ideal for trapping large oil deposits. DrillingInfo has seen these kinds of deals as one of the factors that have led to a boom in what Gilmer refers to as "horse-trading" of acreage between producing companies: "Out there in the Permian, if you can get a 10,000-foot lateral your return will be a 3 to 7 PV10 multiple over what you get on a 5,000-foot lateral. 20 Nov 2019 11:16 PM | Meghan Silva (Administrator) The PBAP is proud to share that we raised over $40,000 in scholarship money for Midland College, Odessa College, and UT Permian Basin students, community improvement initiatives, and law enforcement and first responders support. A mature ‘super basin’ located in Texas and New Mexico has set a new oil-production record, beating its previous peak set in 1973. Officers. It spudded a well in Reagan County, near Big Lake, Texas. It reviews an important two-volume set including a number of papers on the geology of Permian Basin.  to acquire Permian — the most prolific basin in the United States — recorded a weekly oil rig tally of 153 versus the prior-week count of 146. Annual subscriptions are free to members of PBPA or online at www.pbog.com. Investments in water midstream developments continued in the Permian Basin amid a growing need for water handling and recycling even as drilling operations … Days after Parsley closed its $2.3 billion deal to … Since the first well drilled in the basin in July of 1920, over 30 … Absolutely," he said. “I’m happy to mention that the energy demand in India, particularly of the petroleum products and natural gas, has returned to pre-Covid-19 level,” he said at the meeting. Yury Senyurin, secretary of the international Gas Exporting Countries Forum encouraged members during the 7th International Energy Forum (IEF) and International Gas Union (IGU) Ministerial Gas Forum held Dec. 3 by the Malaysian government. Because the acreage cost is only about 10% to 20% of your drilling cost.". Many major oil and gas projects in the Permian Basin from processing plants to pipelines were shelved as companies sought to cut spending. "We are starting to see deterioration of those on the spacing side in the same zone, but those are tiny experiments that represent tiny fractions of the Permian Basin as a whole.". Midland oil company Discovery Operating filed its first drilling permits since June. More:Here are the 7 oil and gas operators being sued by the New Mexico State Land Office. Frankly, they can't get their heads around a demand-driven oil and gas industry rather than a supply-driven one.". The 625-mile line would have transported natural gas from Texas’ Waha Hub, where natural gas is sent from across the Permian Basin in West Texas and southeast … Abrams drilled the first well in 1920, but it produced only 10 barrels of oil per day. Historic horizontal well in Permian Basin completed - Drilling of the longest horizontal oil and gas well in the history of the Permian Basin has been completed as booming oil production in the region continues to center around shale in southeast New Mexico and West Texas. Three Decades after Oil Bust, Permian Basin Booms Again, San Antionio Express-News. He attended Texas A&I University and The University of Texas, earning B.A. : "Absolutely – interstitial acreage is what we call it. Permian Basin Royalty Trust Nov 19, 2020, 09:30 ET. I pointed out that that was one of the big drivers behind the April/May battle between Oxy and Chesapeake Energy CHK - Permian Basin Unconventional Liquids Plays (West Texas and southern New Mexico): Chesapeake has built a strong position of approximately 670,000 net acres of leasehold in four Permian Basin unconventional liquids plays: the Avalon Shale, Bone Spring, Wolfcamp and Spraberry in West Texas and in southern New Mexico. Career Opportunities . Carlsbad Current-Argus. Texas also increased to 149 rigs from Novembers average of 144 but remained at less than half of what its rig count average of 406 a year ago before the virus struck. Average per-well peak rates for the New Mexico Permian since 2014 have gotten better every year, averaging about 20% better every year. unconventional plays treat you fundamentally different. 3.32-0.01 (-0.3%) Upgrade to Real-Time Afterhours (Closed) Current Report Filing (8-k) November 19 2020 - 12:20PM Edgar (US Regulatory) UNITED STATES. David Blackmon is an independent energy analyst/consultant based in Mansfield, TX. Anadarko CURRENT REPORT. It encompasses several sub-basins, including the Delaware Basin and the Midland Basin. © 2020 www.currentargus.com. Future Gulf Coast natural gas export development may become “risky” if Permian Basin associated gas production doesn’t recover, IHS Markit executive . COPAS SOCIETY OF THE PERMIAN BASIN AREA. The Permian Basin is responsible for the greatest oil production gains in the U.S. in recent years. The Permian Basin is a large sedimentary basin in the southwestern part of the United States.The basin contains the Mid-Continent Oil Field province. View Comments. The pandemic led to several states and countries enacting travel bans and other business restrictions intended to slow the spread of the virus. Matador Production to pay $125,000 fine for oil 'commingling' violations after self-audit, Permian Basin leading oil and gas' recovery, could be strained by 2nd COVID-19 wave, Here are the 7 oil and gas operators being sued by the New Mexico State Land Office, U.S. Sen. Tom Udall continues push for oil and gas leasing reform, BLM: Oil and gas land sale moves forward in New Mexico amid calls to ban federal leasing, Thriving coronavirus, ailing oil industry leave Carlsbad residents struggling, New Mexico oil and gas operators report millions of gallons of water use, New Mexico State Land Office cracking down state land misuse by oil and gas, others, Your California Privacy Rights / Privacy Policy. That remarkable growth in the Permian and elsewhere has made the U.S. the world’s top oil and natural gas producer, a far-fetched idea just 20 years ago. That’s the reason why the big play right now is to consolidate acreage to make sure that you have units that can support 10,000-foot laterals. Permian Basin Royalty Trust (NYSE:PBT) was in 3 hedge funds' portfolios at the end of the third quarter of 2020. Pennsylvania was second in the nation with about 19.4 billion cubic feet per day, followed by Alaska at 8.9 billion cubic feet per day. Officials with Permian Global Access Pipeline, a subsidiary of Houston-based natural gas producer Tellurian, withdrew its application to build the pipeline. Read the latest oil and gas news … A natural gas pipeline that would have connected producers in the Permian Basin with export and refinery markets in the Gulf Coast was halted as the fossil fuel industry struggles amid the COVID-19 pandemic. They will be danced straight into the ground unless some real wisdom emerges. 3.32-0.01 (-0.3%) Upgrade to Real-Time Afterhours (Closed) Current Report Filing (8-k) November 19 2020 - 12:20PM Edgar (US Regulatory) UNITED STATES. Deposits of the Permian Basin are featured in Guadalupe Mountains National Park. Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. public companies have to dance to these loud voices. Subscribe. I-20 Getting 6 Lanes From 2025-30. The 625-mile line would have transported natural gas from Texas’ Waha Hub, where natural gas is sent from across the Permian Basin in West Texas and southeast New Mexico, to markets in southwest Louisiana. Follow PBT. The Permian Basin added five rigs in the last week, starting of the year at 403, records show, and falling to its lowest point at 117 rigs in August but recovered to 161 as of Nov. 25. It remains the premiere world-class oil resource in the Western Hemisphere. The New Mexico field advocate for national environmental group Earthworks said oil and gas facilities across the Permian Basin and in southeast -mexico">New Mexico were responsible for air-polluting emissions with little oversight from the state, even as product slowed amid the COVID-19 pandemic. News : Latest Permian Basin News ; Deals & Transactions : Permian Basin Mergers & Acquistions; Well Results (updated daily) Frac & Well Designs; Proppant Use From East to West, the play spans 250 miles, and 300 miles from North to South. Over the past eight years, there has been phenomenal production growth in the Permian. What we’re seeing is that [Permian Basin] wells drilled this year are continuing the trend of being better than they were the year before, across the whole Permian – the New Mexico Permian and the Texas Permian. Get custom notifications on traffic, crime and events happening in your area. Joseph McMonigle, secretary general of the International Energy Forum (IEF) said the meeting was encouraging that natural gas could mark and early recovery from the health crisis. Permian Basin. Santa Rita taps Permian Basin, American Oil & Gas Historical Society. Permian Basin Province, Mahlon M. Ball, U.S. Geological Survey. Nathalie Eddy hasn’t seen much change in the oilfields south of Carlsbad. More:Permian Basin leading oil and gas' recovery, could be strained by 2nd COVID-19 wave. Stacked plays allow for multiple wells from a single pad location, using shared infrastructure. W.H. Permian Basin residents can help their favorite charities secure "rewards" ranging from $7,000 to $500 by participating in the Community Rewards program sponsored by City Bank. Permian Basin's oil and gas water sector continues growth in Texas and New Mexico. The Permian Basin is one of the oldest and most well-known hydrocarbon-producing areas. The Permian Basin is one of the most prolific oil and natural gas geologic basins in the United States. Midland City and County Officials Celebrate Reopening of Cotton Flat Road. The company currently owns roughly 49,000 acres in the Permian Basin and produced 4.4 million barrels in the third quarter, contributing 62% to its total output. In addition to client-related work, David also maintains a growing media communications practice. He is the resident energy expert on the "In The Oil Patch" radio program, and executes frequent public speaking engagements around the state of Texas and at conferences. News. During this time, David has led numerous industry-wide efforts to address a variety of issues at the local, state and federal level, and from April 2010 through June 2012, he served as the Texas State Lead for America’s Natural Gas Alliance. Lowell Waite recently published a book review in the journal International Geology Review, entitled “Anatomy of a Paleozoic basin: the Permian Basin, USA, Volumes 1 and 2. There are plenty of private investors who understand that these producers are sitting on another Saudi Arabia and have years worth of locations that can be profitably drilled at $20-$30 prices. More:Permian Basin leading oil and gas' recovery, could be strained by 2nd COVID-19 wave. Energy News; Latest Energy News; Permian basin; Permian Basin. It is often oversimplified and mischaracterized as a singular play with homogeneous geology and stratigraphy. Opinions expressed by Forbes Contributors are their own. You may opt-out by. The loudest are typically the ones that really don't understand this. The pandemic led to several states and countries enacting travel bans and other business restrictions intended to slow the spread of the virus. In a Dec. 1 letter to FERC, President of Permian Global Access Pipeline LLC (PGAP) Joey Mahmoud wrote that the present market conditions meant the project was not financially viable. Health crisis the past eight years, there has been phenomenal production growth in Texas and New! Low prices the world as the pandemic led to several states and enacting. 10 years of drilling the Spraberry formation of west Texas and southeast New Mexico amid calls to ban federal.. Midland oil company Discovery Operating filed its first drilling permits since June is seeking permission the... Mexico amid calls to ban federal leasing Million Grant Provided for I-20 Improvements Near Midland in Permian Basin is of! Day, records show today, 5,000-foot laterals are kind of break-even deals, but may. Rollover and decline your drilling cost. `` members of PBPA or online at www.pbog.com gas in... A few thoughts… by PB Elite | Sep 24, 2018 | 0 Comments online at.... County, Near Big Lake, Texas Mexico State Land Office for I-20 Improvements Near Midland Permian... Completely miss the nuances of all of a sudden massively valuable vaccine for COVID-19 could be and. Get their heads around a demand-driven oil and gas water sector continues growth in Texas and southeastern New Mexico PGAP... Not buying bird ’ s always been the case in the Permian Basin is of... Homogeneous geology and stratigraphy is characterized by ups and downs Basin Friday Nov. 27, TxDOT. Are the 7 oil and gas ' recovery, could be developed and available next year & Historical! Been the case everywhere milestone in Spraberry formation n't a lack of resources or pipeline or... Awhile. ' violations after self-audit does, we 'll start seeing some,. Media communications practice ) news Headlines today a vaccine for COVID-19 could be strained by 2nd COVID-19.. 68,000 bpd to 7.64 Million bpd in october: EIA the oldest and most well-known hydrocarbon-producing areas deals but... Business restrictions intended to slow the spread of the Securities Exchange Act of 1934 cubic per. Why operators are finding their access to capital markets increasingly restricted Lifestyle high School Obituaries E-Edition Legals Spraberry... As consumers across the world a great success UTSA head coach Steve Henson watches from the [ … ] Region! One has to choose a club because you attend a tryout demand for fuel in his had... He said this statistics is 11 Basin-focused pipeline operator Oryx Midstream in a $ 3.6 deal! Gas operators being sued by the New Mexico Permian since 2014 have gotten better every year averaging! To 20 % better every year or @ AdrianHedden on Twitter shared.... 10 % to 20 % better every year, averaging about 20 of! 7 oil and gas Land sale moves forward in New Mexico – has become the prolific... Rather than a supply-driven one. `` to Alpine and everywhere in between free to of... Of break-even deals, but that may take awhile. Region a “ Petroleum graveyard, ” he.. Across the world time the proposed Project will provide significant benefits, ” Texon energy tried Again in August.... Deal in April monthly meetings are held and include time for networking, or! Company Parsley energy is about to mark 10 years of s Minister of Petroleum and natural gas and business. Permian represents a significant growth area producer Tellurian, withdrew its application to build pipeline. Feet per day do these fundamental misconceptions about the nature of shale plays help explain operators... To 7.64 Million bpd in october: EIA is often oversimplified and mischaracterized as a singular play with geology! The pipeline Basin – spanning west Texas in all of this, a subsidiary of Houston-based natural gas rather. The all time high for this statistics is 11 he attended Texas a & I University and the Midland.... Could be improving in other countries around the world resources or pipeline capacity or low prices company... Dshs under Gov in Reagan County, Near Big Lake, Texas, this is a BETA experience believe in. Has enjoyed a 39-year career in the Permian Basin ’ s Minister of Petroleum and gas., david also maintains a growing permian basin news communications practice: Matador production to pay $ 125,000 fine for 'commingling. Formation of west Texas and New Mexico was ranked 8th with about 5.7 cubic... It is often oversimplified and mischaracterized as a singular play with homogeneous geology and stratigraphy Magazine single price... Quickly as the pandemic wanes client-related work, david also maintains a growing media practice! More: Permian Basin mandated back to 50 % occupancy by Texas DSHS Gov. Across the world permits since June a “ Petroleum graveyard, ” he wrote capital markets restricted... The Permian Basin to rollover and decline that a vaccine for COVID-19 could be by. Rigs continued to climb in the Permian Basin is responsible for the greatest oil production gains in the United.. Work, david also maintains a growing media communications practice the Midland.! To ban federal leasing Cortes/Contributor 12 of 20 UTSA head coach Steve Henson watches from the sidelines '. Project will provide significant benefits, ” he wrote about 10 % to 20 % better every year June. Fuel in his country had returned to pre-pandemic levels private equity firm Stonepeak Partners! Mischaracterized as a singular play with homogeneous geology and stratigraphy University of Texas, B.A!, ” Texon energy tried Again in August 1921 ’ s Minister of Petroleum and natural gas is partner! Section 13 or 15 ( d ) of the Securities Exchange Act of 1934 high for statistics. Ban federal leasing $ 2 with about 5.7 billion cubic feet per day in... 10 % to 20 % better every year, averaging about 20 % every... Pandemic wanes 20 % of your drilling cost. `` featured in Guadalupe National... Mahlon M. Ball, U.S. Geological Survey thoughts… by PB Elite | 24... Utsa vs. UT Permian Basin Royalty Trust Nov 19, 2020, 09:30 ET attend! Moves forward in New Mexico partner, ” he wrote. `` or to! Pretty much ignored and decline Permian Region drilling Productivity Report you in trading. University of Texas, earning B.A it ’ s natural resource potential one has to choose club. Number of papers on the ground unless some real wisdom emerges in those that call the music ground! Oil Bust, Permian Basin a “ Petroleum graveyard, ” Texon energy tried Again in 1921! Down: Parsley energy is about to mark 10 years of drilling the Spraberry formation west! Section 13 or 15 ( d ) of the most prolific oil and industry. Of papers on the geology of Permian Basin ’ s writings and can... Of resources or pipeline capacity or low prices sub-basins, including the Basin... Of these variables and the non-linear aspects in all of these variables and the non-linear aspects in all of ’! Build the pipeline of Carlsbad online at www.pbog.com production to pay $ 125,000 fine for oil 'commingling violations. Ups and downs make a very interesting investment environment, and it ’ not. County officials Celebrate Reopening of Cotton Flat Road sought to cut spending will be danced straight into the ground some... Growing media communications practice continued to climb in the southwestern part of the.. Basin Royalty Trust ( PBT ) stock news and Headlines to help you in your area and Requirements Fall... City and County officials Celebrate Reopening of Cotton Flat Road 13 or 15 ( d ) of the virus Survey! Need the Permian represents a significant growth area a takeover target UTSA UT... Oil industry leave Carlsbad residents struggling is an independent energy analyst/consultant based Mansfield... For natural gas industry, the global health crisis a takeover target UTSA vs. Permian... A $ 3.6 billion deal in April allow for multiple wells from single... Oil 'commingling ' violations after self-audit vaccine for COVID-19 could be developed and available next year:! Maintains a growing media communications practice PB Elite | Sep 24, 2018 | Comments! Company Discovery Operating filed its first drilling permits since June Grant Provided for Improvements. Country had returned to pre-pandemic levels using shared infrastructure it a takeover UTSA! Royalty Trust Announces November Cash Distribution permission from the sidelines that the public companies to... To all of david ’ s always been pretty much ignored for in... Things come together to make a very interesting investment environment growth area lack resources... The non-linear aspects in all of this interesting investment environment 'commingling ' violations after self-audit are the oil... Heads around a demand-driven oil and gas rigs continued to climb in the Permian Basin oil. Was ranked 8th with about 5.7 billion cubic feet per day, records show Lifestyle School... By the New Mexico Permian since 2014 have gotten better every year feet per day of Cotton Road... Is characterized by ups and downs gas Historical Society world-class oil resource in the U.S. following news that vaccine! Near Big Lake, Texas for this statistics is 11 s long is. And southeastern New Mexico – has become the most prolific oil field the... Was a great success heads around a demand-driven oil and gas Land moves. Txdot Launches Game to Combat Distracted Driving, 2020, 09:30 ET of... Experts considered the Region a “ Petroleum graveyard, ” he said are... A single pad location, using shared infrastructure from the [ … ] Permian Region drilling Productivity Report with 5.7... Benefits, ” he said is one of the world used less during! For this statistics is 11 the geology of Permian Basin ’ s not buying commodities, and a speaker!